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Assets

Total assets at March 31, 2025, were $4.1 billion, an increase of $48.2 million, or 1.2%, from December 31, 2024.

• Loan and lease balances increased $22.8 million, or 0.7% since December 31, 2024.

• Commercial Real Estate continued to grow due to consistent demand in the non-owner and owner occupied categories.

• Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.

Deposits & Borrowings

Total deposits at March 31, 2025 were $3.2 billion, an increase of $27.0 million, or 0.8%, from December 31, 2024.

• Noninterest-bearing demand deposits decreased $46.4 million, primarily due to a $62.5 million decrease in noninterest-bearing accounts related to commercial business deposits. Also, included is an $11.3 million increase in noninterest-bearing public funds.

• Interest-bearing demand deposits increased $48.0 million, primarily due to a $56.3 million increase in interest-bearing public funds, slightly offset by a $6.3 million decrease in Jumbo now deposits.

• $18.7 million increase in savings and money market deposits, primarily due to a $41.8 million increase in business money market accounts, a $5.7 million increase in statement savings, mostly offset by a $22.7 million decrease in reciprocal deposits, a $3.1 million decrease in money market savings, and $2.8 million decrease in public funds money market accounts.

• $46.7 million increase in time deposits, primarily due to a $17.6 million increase in Jumbo time certificates, a $15.6 million increase in retail time certificates, and a $19.7 million increase in time certificates over $250 thousand, partially offset by a $7.6 million decrease in reciprocal deposits.

• Brokered deposits totaled $460.2 million at March 31, 2025, which includes brokered certificate of deposits of $450.0 million and brokered money markets of $10.2 million. Brokered deposits decreased $40.1 million in the first quarter of 2025.

• FHLB overnight advances totaled $360.0 million on March 31, 2025, up $21.0 million from $339.0 million on December 31, 2024.

• FHLB term advances totaled $1.4 million on March 31, 2025, down from $1.5 million on December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $4.4 million, or 15.5%, for the first quarter of 2025, compared to the same period last year.

• Interest income increased $3.6 million for the first quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $249.2 million coupled with a 7 basis point increase in asset yield.

• Interest expense decreased $0.8 million for the first quarter of 2025, compared to the same period last year. This was due to a 136 basis point reduction in higher costing FHLB borrowings mostly offset by $258.2 million growth in deposits ($252.9 million in average balances), resulting in a net increase of $279.1 million in average interest-bearing liabilities when comparing the first quarter of 2025 to the same period last year.

• Net interest margin increased 29 basis points to 3.51% for the first quarter of 2025, compared to 3.22% for the same period last year.

Credit

Provision for credit losses (including provision for unfunded commitments) decreased $0.4 million for the first quarter of 2025 to $1.6 million compared to $2.0 million for the same period last year.

• Civista recorded net charge-offs of $0.6 million for the first quarter of 2025 compared to net charge-offs of $0.4 million for the same period of 2024.

• The allowance for credit losses to loans ratio was 1.30% at March 31, 2025, compared to 1.34% at March 31, 2024, and 1.29% at December 31, 2024.

• Non-performing assets at March 31, 2025 were $31.2 million, a decrease of $1.4 million or 4.4%, from December 31, 2024. The non-performing assets to assets ratio was 0.75% at March 31, 2025 and 0.80% at December 31, 2024.

• The allowance for credit losses to non-performing loans increased to 130.0% at March 31, 2025 from 121.6% at December 31, 2024.

Noninterest Income

Noninterest income totaled $7.9 million, a decrease of $0.4 million or 4.8%, when compared to the same period last year.  

• Net gain/(loss) on equity securities increased $0.1 million for the first quarter of 2025, compared to the same period last year, resulting from market valuation adjustments.

• Net gain on sale of loans and leases, which includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance ("CLF") division, decreased $0.3 million for the first quarter of 2025, compared to the same period last year, primarily due to lower originations.

• Lease revenue and residual income increased $0.2 million for the first quarter of 2025 compared to the same period last year, due to stronger lease originations.

• Other income decreased $0.6 million for the first quarter of 2025 compared to the same period last year, primarily related to lower fee revenue from CLF.

Noninterest Expense

Noninterest expense totaled $27.1 million, a decrease of $0.3 million or 1.1%, when compared to the same period last year.

• Compensation expense decreased $1.4 million for the first quarter of 2025 compared to the same period last year, primarily due to a lower employee benefits costs coupled with an increase in the deferral of salaries and wages related to the loan originations in the first three months of 2025.

• The quarter-to-date average number of full time equivalent (FTE) employees was 520 at March 31, 2025, compared with an average number of 539 for the same period in 2024.

• FDIC assessment increased $0.4 million for the first quarter of 2025 compared to the same period last year, primarily from an increase in the total assessment base resulting from the Company's overall balance sheet growth year over year.

• Professional fees increased $0.9 million for the first quarter of 2025 compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.

• Equipment expense decreased $0.4 million for the first quarter of 2025 compared to the same period last year, due to normal equipment depreciation as well as decreases in equipment expense related to operating lease contracts.

• The efficiency ratio was 64.9% for the quarter ended March 31, 2025, compared to 72.3% for the same period last year. The change in the efficiency ratio is primarily due to a 1.1% decrease in noninterest expenses, a 15.5% increase in net interest income, partially offset by a 4.8% decrease in noninterest income.

Taxes

Civista's effective income tax rate for the first quarter of 2025 was 14.8% compared to 11.6% in the same period last year.

Capital

Total shareholders' equity at March 31, 2025, totaled $397.4 million, an increase of $8.9 million from December 31, 2024. This resulted from an increase of $7.5 million in retained earnings and a reduction in accumulated other comprehensive loss of $1.2 million.

Civista did not repurchase any shares in the first quarter of 2025, leaving the entire $13.5 million of the current repurchase authorization remaining.  The current repurchase plan will expire in April 2026.  In January 2025, Civista liquidated 8,182 shares held by employees, at $20.39 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the first quarter of 2025 at 1:00 p.m. ET on Thursday, April 24, 2025.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. first quarter 2025 earnings call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.  An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).

About Civista Bancshares
Civista Bancshares, Inc., is a $4.1 billion financial holding company headquartered in Sandusky, Ohio.  Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services.  Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky.  Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division.  Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  Learn more at www.civb.com.

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista.  For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.   Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties.  We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any additional risks identified in the Company's subsequent Form 10-Q's.  Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof.  Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Non-GAAP Financial Measures
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.